Alam Maritim

It is looking at becoming a one stop service provider for the oil and gsa industry in the region.

It had signed a JV agreement with Wah Seong under which the latter’s wholly owned subsidairy unit, Wasco Energy will subscribe for a 49% stake in Alam Maritim’s unit, Alam PE Holdings Inc for rm106 million.

Alam Maritim expects to enahnce and expand its tendering capabilities for major EPIC works by complementing Wah Seong’s pipe coating and gas compression activities with Alam Maritim’s offshore construction and marine divisions.

Alam-PE’s fleet will be able to complement that of Wah Seong’s 27% owned Petra Energy Bhd. Petro also has a 30% stake in the marginal RSC for the Kapal, Banang and Meranti fields off Peninsular Malaysia.

Earlier 2014, Alam Maritim is in the midst of acquiring a DSV from Singapore estimated to cost about USD80 million for underwater. Inspection, repair and maintenance works.

Following the placement of shares to Tan Sri Quek Leng Chan and his associate Paul Poh in April 2014 which gave them a 15.53% stake in the group, Alam Maritim raised rm166 million.

Shaharuddin Rahmad, executive director and CEO of Alam Maritim owns a 43.47% stale in Alam Maritim.

Meanwhile Alam Maritim is in talks with Ezion Holdings Ltd – a supplier of OSVs for possible collaborations. In April 2014, Quek acquired a 7.7% stake in Ezion for rm396 million.

Alam Maritim besides expanding its footprint with these startegic tie ups, is also exploring other upstream activities such as jack-up rigs that could introduce additional re rating catalysts.